Question

explain licensing of bank in easy word
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Answer 1

Answer:

A banking license is a legal prerequisite for a financial institution that wants to carry on a banking business. Under the laws of most jurisdictions, a business is not permitted to carry words like a bank, insurance, national in their name, unless it holds a corresponding license.

Explanation:

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Answer 2

In simple terms,banking license refers to an administrative or legal precondition to commence any legitimate banking or financial business or service.

Explanation:

Banking license constitutes a legal permit in any country that has to be obtained from the national regulator under the government by any individual or commercial business applicant to start any banking or financial business or operation.Within the banking or financial service industry,there are various categories of licensing depending on the type of the banking or financial service in concern.For example,full or complete banking license is usually granted to businesses performing general or basic banking services such as accepting deposits,withdrawing funds,giving loans etc. and international banking licence is usually provided for international or offshore banking operations.